Thursday, April 23, 2009

Carbon Trader Praises Chinese Carbon Trade (CAO.L)

From Reuters:

China should be praised for its lead role in a U.N.-backed scheme to cut carbon emissions and efforts to cap its flow of credits should be resisted, a leading British-based clean-energy project development firm said.

China and its big state-owned firms have been accused of exploiting the United Nations' Clean Development Mechanism (CDM) to boost earnings from clean-energy projects that were already viable, thus flooding the market with cheap and dubious carbon credits.

Proposals have been made in Europe to cap the volume of offsets supplied from China.

But China is effectively being singled out for the successful way it has adapted to the CDM, Anders Brendstrup, managing director for China for Camco, told Reuters.

"They should be praised, not criticized, for this success," he said. Camco is one of the larger CDM project developers and advisers in China....MORE